China reports 11 new cases, no deaths

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This is CNBC’s live blog covering all the latest news on the coronavirus epidemic. This blog will be updated throughout the day as news becomes available.

  • Global cases: over 2.4 million
  • Deaths worldwide: more than 169,986
  • Most cases reported: United States (784,326), Spain (200,210), Italy (181,228), France (156,480) and Germany (147,065).

The above data was compiled by Johns Hopkins University at 8:14 a.m. Beijing time.

All times below are in Beijing time.

9.45 a.m .: South Korea reports 9 new cases and 1 death

South Korea reported nine new cases of coronavirus on Tuesday – the country recorded fewer than 15 new infections on the third day in a row.

This brought the total number of infections in the country to 10,683, said the Korean Centers for Disease Control and Prevention.

There has been one death, bringing the total number of deaths in the country to 237.

South Korea reported eight new cases of coronavirus on Sunday – the first time in two months that the country has released single-digit figures.

South Korea is one of the Asian countries hardest hit by the pandemic, but it was praised for its efforts to reduce the spread of the infection by carrying out mass tests and taking measures. strict to quarantine and track affected people. – Huileng Tan

8:24 a.m .: China reports 11 new cases and no deaths

China reported 11 new confirmed cases of coronavirus as of April 20. There have been no deaths for the sixth consecutive day, according to the country’s National Health Commission.

This brought the total number of confirmed cases in China to 82,758 and its cumulative death toll to 4,632.

Of the 11 new cases confirmed on Monday, the NHC attributed four to overseas travelers.

He also said there were 37 asymptomatic cases where people tested positive for coronavirus but had no symptoms. – Huileng Tan

All times below are Eastern Time.

7:08 pm: Disney puts workers on leave while other media giants are not

The Magic Kingdom’s entrance to Disney World is seen on the first day of closure as theme parks in the Orlando area suspend activities for two weeks to curb the spread of the coronavirus (COVID-19). Paul Hennessy / SOPA Images / LightRocket via Getty Images)

Paul Hennessy | SOPA Images | LightRocket via Getty Images

Disney began Monday to put workers on leave, temporarily halting the wages of 100,000 workers, according to a Financial Times estimate.

In recent weeks, Disney has presented plans to impose unpaid leave, first for some non-unionized employees, and then in a subsequent agreement with 43,000 unionized workers. The media giant will pay 100% of health insurance costs for workers currently covered for up to 12 months. While the majority of this leave is at theme parks, it also extends to all of Disney’s other divisions, including the movie studio and TV division. Disney’s also asked its executives to accept a pay cut, with no fixed end.

Disney will not comment on the number of holidays.

Disney’s extensive leave is in stark contrast to the other two media giants – Comcast, which owns NBCUniversal, and AT&T, which owns WarnerMedia – which have not yet announced leave or layoffs.

These are the three largest media conglomerates, in a category above all others: Disney’s market capitalization is $ 185 billion, that of Comcast is $ 169 billion and that of AT&T is of $ 222 billion. They face similar challenges: all three have movie studios that suffer from movie theater closures and see all of their advertising revenue drop while live sports have been stopped. And all three are striving to stay ahead of the cable cutting trend and have new services designed to capture this direct relationship with the consumer.

But the finances of these companies are incredibly different. Parks and Resorts is Disney’s largest division, responsible for 35% of its revenue in 2019. This division includes not only theme parks and resorts, but also a cruise line. On the other hand, Comcast only derived 5.4% of its revenues from parks such as Universal Studios, and AT&T has no fleet. –Julia Boorstin

6:58 pm: Mark Cuban on Shake Shack initially takes out a small business loan: “You are going to kill your brand”

6:41 p.m .: Falling oil prices are the last thing Boeing and Airbus need right now

Boeing 737 MAX aircraft on the ground are seen parked in an aerial photo at Boeing Field in Seattle, Washington, July 1, 2019.

Lindsey Wasson | Reuters

The coronavirus pandemic, the threat of airline bankruptcies and a global recession. Now, a historic glut of oil and a crash in prices are adding to the woes of Boeing and Airbus.

The duopoly that dominates most of the world’s aircraft production has spent more than a decade racking up record orders for the aircraft they claimed to save millions of fuel.

“One thing that kept the industry high during the great financial crisis [in 2008] is that fuel prices have actually gone up, “said Richard Aboulafia, aeronautical analyst to vice president of Teal Group, referring to record oil prices that year.

Rising oil prices can help stimulate sales of more fuel-efficient aircraft, in contrast to sales trends for larger personal vehicles like SUVs.

The Airbus A320neo and Boeing 737 Max, each manufacturer’s best-selling narrow-body aircraft, were developed after the Great Recession when fuel prices rose again and airlines were looking for models that would help them reduce fuel costs.

But automakers have lost that outlet, adding to a series of challenges that are expected to last at least until 2021, if not later, and a sharp turnaround from the start of this year when airlines could not not get new single aisle planes fast enough. –Leslie Josephs

Read CNBC coverage from the USA overnight: Georgia governor says businesses may reopen in California city to test each resident

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